Payment Card News

Cheque Card

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American Express has launched a prepaid, reloadable card version of its popular paper-based “Travelers Cheques.” The new “Travelers Cheque Card” is being pitted against bank-issued debit cards as a safer travel alternative since it is not linked to a bank account and can be refunded in 24 hours. Furthermore, AmEx says a recent survey showed that 42% of consumers fear a lost or stolen debit card could also put them at risk for identity theft. The card is available in U.S. Dollar, Euro and British Pound Sterling, enabling consumers to lock in exchange rates, unlike debit cards that are subject to each bank’s exchange rates. The new “Travelers Cheque Card” requires a minimum initial load of $300 and a maximum of $2,750 and carries a $14.95 issuance fee per card. Reloads can be added in $50 increments with a $100 minimum. There is a $5 reload fee. A maximum of $400 daily can be withdrawn by ATM but a $2.50 fee applies, plus any applicable surcharges, for each transaction. To kick-off the new product, AmEx is offering a free companion air ticket to customers purchasing the card before October 15th. For more information visit: “http://www.americanexpress.com/tcc”:http://www.americanexpress.com/tcc

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